|Over a week ago|
Mayville Engineering to expand production capacity in Michigan » 17:4105/0405/04/21
Mayville Engineering announced it is expanding its presence in Michigan to align its production capacity with a new strategic customer relationship. The company is currently considering potential facilities, each of which include approximately 250,000 square feet of manufacturing space. The company plans to hire up to 390 employees in the coming years with full production planned to commence in early 2022. As part of the agreement, the company received a $2.5M incentive package from the State of Michigan. In addition to the new facility in the Greater Detroit area, MEC maintains five other Michigan based facilities with over 300,000 square feet of manufacturing space in the cities of Byron Center, Vanderbilt and Wayland.
Mayville Engineering sees FY21 revenue $450M-$470M, consensus $451.4M » 17:3305/0405/04/21
Sees FY21 adjusted EBITDA…
Sees FY21 adjusted EBITDA $46M-$52M net of the launch costs of between $3.5M-$5.1M associated with the new customer relationship.
Mayville Engineering reports Q1 EPS 12c, consensus 10c » 17:3205/0405/04/21
Reports Q1 revenue…
Reports Q1 revenue $112.6M, consensus $107.21M. "Our strong top and bottom-line performance is based on the generally improving conditions in the end markets we serve, combined with the ongoing benefits of new technology and automation investments in our factories and the cost optimizing initiatives implemented over the past twelve months," noted Robert D. Kamphuis, Chairman, President and CEO. "Over the past year, our team has done a remarkable job of addressing pandemic-related challenges, while maintaining our industry-leading quality, reliability and service levels. We are proud of the progress made during the past year and are focused on sustaining our momentum and generating strong cash flows from our current business, while preparing capacity for our recently announced new customer relationship and pursuing a variety of additional exciting growth opportunities."
|Over a month ago|
Mayville Engineering strategic customer adds to growth potential, says Baird » 06:5804/0804/08/21
Baird analyst Mircea…
Baird analyst Mircea Dobre noted Mayville Engineering announced the addition of a new strategic customer which he said unlocks an attractive fitness vertical and boosts 2022 growth potential. He said the new relationship diversifies its vertical exposure and offers incremental revenue opportunities. Dobre reiterated his outperform rating and $20 price target on Mayville Engineering shares.
Mayville Engineering results suggest volume recovery continues, says Baird » 06:4203/0303/03/21
Baird analyst Mircea…
Baird analyst Mircea Dobre noted Mayville Engineering posted solid Q4 results which beat consensus with good free cash flow generation suggesting end markets are gradually improving. Sales declined as production volumes continue to ramp and management reduced debt allowing flexibility for future M&A. Dobre maintained his Outperform rating and $20 price target on Mayville Engineering shares.
Mayville Engineering not providing financial outlook for 2021 » 18:0203/0203/02/21
Based on the ongoing…
Based on the ongoing economic uncertainty related to the pandemic, and consistent with most of our customers, the Company is not providing a financial outlook for 2021. Kamphuis commented, "We are encouraged by the generally improving conditions in our end markets, and have made significant strides over the past year, through cost optimization and our investments in automation and technology. These improvements are sustainable, providing a clear path to our goal of 15% Adjusted EBITDA margins when manufacturing volumes return to pre-pandemic levels in the years ahead. We believe that we are in a strong position to sustain our recent performance in the coming quarters and improve upon our full year 2020 results in 2021. Of course, if 2020 taught us anything, it is to expect the unexpected, and our plans are dependent on a stable economic environment, and improving pandemic conditions as the year unfolds. We would like to commend our dedicated employees who battled through a tough year and ensured we responded quickly and effectively during the second half of the year as conditions started to improve."
Mayville Engineering reports Q4 pro forma EPS 5c, consensus 1c » 18:0203/0203/02/21
Reports Q4 revenue…
Reports Q4 revenue $95.3M, consensus $91.63M. "We executed effectively in the fourth quarter and were pleased with our performance, which, in many aspects, was a significant improvement over our fourth quarter 2019 results," noted Robert D. Kamphuis, Chairman, President and CEO. "As we look back at 2020, we are pleased with the way we reacted as the pandemic took hold and our continued focus on optimizing our cost structure through facility and process improvements, as well as fortifying our financial position. With market conditions continuing to stabilize, we are confident in our ability to execute our strategy in 2021 as we pursue further productivity gains thru new technologies and automation and explore growth opportunities."
|Over a quarter ago|
Mayville Engineering price target raised to $20 from $14 at Baird » 17:4902/0402/04/21
Baird analyst Mircea…
Baird analyst Mircea Dobre raised the firm's price target on Mayville Engineering to $20 from $14 and keeps an Outperform rating on the shares. The company had a tough start since its May 2019 IPO as nearly all end markets saw a "sharp cyclical compression", but demand is improving and likely to accelerate as 2021 progresses, the analyst tells investors in a research note.
Mayville Engineering price target raised to $13 from $10 at Citi » 06:3711/0411/04/20
Citi analyst Andrew…
Citi analyst Andrew Kaplowitz raised the firm's price target on Mayville Engineering to $13 from $10 and keeps a Buy rating on the shares following the company's better than expected Q3 results. Mayville's performance should continue to improve over time given what appears to be a recovery in its key end markets and with customer destocking that impacted the past several quarters largely complete, Kaplowitz tells investors in a research note.
Mayville Engineering is not providing financial outlook » 18:0911/0211/02/20
The company said,…
The company said, "Based on the ongoing economic uncertainty related to the pandemic, and consistent with most of our customers, the Company is not providing a financial outlook. Overall, current data trends indicate that customer de-stocking seen in the last 12 months is largely complete in most end markets. We are encouraged by the general demand trends we are starting to see, and believe we are in a good position to continue our Q3 performance, concluding the year on a positive note. With continued stability in our end markets, we believe we are well positioned to deliver improved performance over the medium- to long-term."